The ship broking and shipping services group saw profits in the first six months of the year more than double to 13 million British pounds compared with the same 2015 period, according to the company’s most recent unaudited financial statements.
Clarkson PLC, better known as Clarksons, saw profits in the first six months of 2016 skyrocket 109.7 percent to 13 million British pounds (U.S. $16.7 million) compared with the same 2015 period, according to the company’s most recent unaudited financial statements.
The ship broking and shipping services firm reported first-half diluted earnings per share (EPS) of GBP 0.41 compared with GBP 0.15 per share the previous year. Group revenues were relatively flat at GBP 147.2 million, a 1.3 percent increase from the first half of 2015.
Clarksons CEO Andi Case said the results were impacted by “the most challenging rate environment” the global shipping industry has seen in many years.
“In the short-term, we believe our markets will remain highly challenged, reflecting the ongoing supply demand imbalance with the resultant low levels of newbuilding contracts and a prevalence of spot business continuing to limit forward visibility of earnings,” Case said. “However, we believe industry operators and investors will look to these difficult trading conditions to seek solutions and exploit areas of opportunity and Clarksons’ full service client offer, underpinned by our geographic reach, will continue to ensure we are at the forefront of all activity.
“Clarksons’ clear strategy is aligned to the long-term fundamental drivers in our markets,” he added. “Our business is highly cash generative and through our strong balance sheet we will continue to invest and take advantage of opportunities, positioning the Group for upturns in each of our markets when they come.”
Based in London, Clarksons has 1,379 employees in 46 offices across 20 countries worldwide with the goal of offering clients an integrated global service, including broking, finance, support and research, in all key shipping and offshore sectors, according to its website.
Clarksons boosts profits in first half 2016
